Best Buy founder leaving chairman role after CEO probe

(Reuters) - Best Buy Co Inc founder and Chairman Richard Schulze is stepping down after he failed to tell the board that former Chief Executive Officer Brian Dunn had violated company policy by having "an extremely close personal relationship" with a female employee, the electronics retailer said on Monday. Best Buy said an investigation by the board had found that the relationship "negatively impacted the work environment," but involved no misuse of company resources. Dunn, who left the company on April 10 during a probe of the allegations, will receive a severance payment of $2. ...

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(Reuters) - Best Buy Co Inc said founder Richard Schulze would step down as chairman after an independent board investigation found that he had failed to report allegations of personal misconduct by former Chief Executive Officer Brian Dunn to the board's audit committee.

By Saibus Research:We were surprised that Richard Schulze was willing to pay $24-$26 per share for the 80% of Best Buy (BBY) that he doesn't own, especially after he was pressured into stepping down as Chairman of the Board in May. We are also confused that Dick Schulze knew about Brian Dunn's relationship with a female employee and did not alert the audit committee.

(Reuters) - Best Buy Co Inc said that former Chief Executive Officer Brian Dunn violated company policy by engaging in an extremely close personal relationship with a female employee and that the chairman of the board acted inappropriately when he failed to bring the matter to the audit committee when he first learned about it. Best Buy also said on Monday that Hatim Tyabji, currently the chairman of its audit committee, would succeed Richard Schulze as chairman of the board, effective June 21. (Reporting By Martinne Geller in New York; Editing by Gerald E. McCormick)

MINNEAPOLIS — Best Buy’s co-founder and former chairman Richard Schulze is returning to the Best Buy fold as chairman emeritus. The move comes after Schulze considered making a buyout bid for the electronics retailer but never made a formal offer. Best Buy has been working to turn around its results as it faces tough competition from online retailers and discounters. Since hiring turnaround expert Hubert Joly as its CEO in August, the company has cut jobs, invested in training employees and started matching online prices.

Sears Holdings Corp said late on Monday Chief Executive Louis D’Ambrosio will step down for family health reasons after the U.S. retailer reported a 1.8% decline in quarter-to-date sales at stores open at least a year.
Edward Lampert will assume the role of Sears CEO in addition to his current role as chairman, Sears said in a statement late on Monday. Lampert’s hedge fund, ESL Investments, had a 34.14% stake in Sears Holdings as of Nov. 30, according to Thomson Reuters data.

By Kraken:Best Buy's (BBY) founder Richard Schulze resigned from his chairman role after allegations of CEO Brian Dunn's relationship with an employee were uncovered. Schulze knew about the relationship, but failed to mention it to his board. It was decided that it would be best for him to retire from the company.

Best Buy Co.’s board investigation of former Chief Executive Officer Brian Dunn’s personal conduct centers on an inappropriate relationship with a female employee, according to a person familiar with the matter